U.S. investment firms holding a stake in Coupang withdrew a Section 301 request they had filed with the Office of the U.S. Trade Representative (USTR) calling for an investigation into South Korean government measures related to Coupang.

Green Oaks and Altimeter, Coupang investors, said in a press release on March 9 that they were withdrawing the Section 301 investigation petition they had raised over South Korean government actions related to Coupang.

Section 301 of U.S. trade law gives the executive branch authority to take actions such as imposing tariffs against acts, policies and practices deemed unjustifiable, unreasonable or discriminatory when a foreign government is judged to restrict or burden U.S. trade.

The firms said they withdrew the request as USTR considers a broader investigation into unfair trade practices affecting U.S. companies. They said a separate petition targeting a single company could overlap in scope.

The firms previously submitted the petition to USTR on Jan. 22. They argued at the time that the South Korean government was attacking Coupang in a whole-of-government effort following a data leak incident of limited scale. They also stressed that it constituted unfair and discriminatory measures against U.S. companies in South Korea.

In the announcement, the firms said the matter led to consultations between the U.S. and South Korean governments. They added that it also raised ongoing concerns in the U.S. Congress, laying the groundwork for corrective measures by the South Korean government.

They said they expect a wider-ranging Section 301 investigation to be launched into unfair trade practices affecting U.S. companies overall, including discrimination against U.S. technology firms and digital goods and services.

The firms said they would maintain legal action against the South Korean government separately from the withdrawal of the Section 301 petition. They are currently pushing ahead with international investment dispute settlement (ISDS) arbitration proceedings.